As it is well known, African Americans contribute 1.1 Trillion dollars per annum to the economics of America. Further known is the fact that the black dollar does not stay in the black community. American blacks do not recognize the power they wield in the market place and here lays the downfall of the black community. Exactly what this means for the capacity to bring about changed based upon this spending power has not been fully realized in the black community to date.
When there is a recession, it is the black community that keeps the economy moving because they spend more than they save; own little real estate in comparison to other races and drives the economy back into good health because they do not hoard their dollars. This being the case, it places blacks in the position to speak the language of economics fluently in the form of boycotts.
In an AtlanticBlackStar article (http://atlantablackstar.com/2013/10/15/5-industries-black-people-should-dominate-based-on-our-consumption/2/ ) on money spent by blacks in the beauty market it is stated that:
Essence’s 2009 Smart Beauty research study found that African-American women spend $7.5 billion annually on beauty products and spent 80 percent more on cosmetics and skin-care products than the general market.
In addition the article also states that:
African-Americans continue to adopt new shopping technologies at a faster rate than Caucasians, with 18 percent using their mobile devices to make purchases as compared to 10 percent of Caucasians.
As is evident from these two statements within a several page article, which gives us some of the statistics for black spending, with a little creative manipulation of its spending the black community could possibly make or break any number of businesses which it utilizes consistently. The manipulation of black dollars in the market place could bring about many changes that boycotting, rioting, protesting and any other form of social unrest might never bring to the field of change for the betterment of the American black community.
Sadly, blacks seem to be seldom motivated to learn the economics and marketing strategies that are used to herd their dollars into the market place and are easy prey for corporate America. It is the reluctance of the black community to become savvy to these manipulative skills that allow the potential of the power of black dollars to go unused to accomplish the changes that the black community desires. In these times, the only thing that is truly understood by corporate America is the language of money, how it is used, where it goes and how it can get the lion’s share of these profits. It is up to the black community to realize, understand and utilize its collective economic power and develop strategies to utilize it for the gain of the black community.
Facebook users of color have the opportunity to become educated and united in such groups as the B.S.R. collective which has numerous groups dedicated to different points of interest of the black community. There is viable information disseminated in these groups that focus on the economic, familial, survival skills and living skills that will help the black community to grow in strength and power over time when this information is used to develop a platform for economic and community growth.
If one was to search out and focus on these community building groups and pages around Facebook, utilizing them as intended to unify the collective resources of the black community than the dream of “The New Black Wall Street” would not be as far off in the future as might be thought.
While it is not possible for us to form a “Black Wall Street” as was historically done in Greenwood, OK and other places around the country, we can form one as a virtual enterprise across the internet by networking, creating, building and supporting black businesses everywhere. There are many young blacks who are leading the pack with new ideas that is unifying the African American community on many fronts and they should be supported with the greatest gusto.
The entrepreneurial power of the black community is growing and by networking we can better support black owned businesses and channel our dollars where they can have the most power and effectiveness to bring about change.